We start in the us, where shares of meta, hello. If you are justjoining us, you are in time with the top business stories. We start in the us, where shares of meta, the owner of facebook, instagram and whatsapp plunged in after hours trading after its forecasts disappointed wall street. Investors are concerned the huge amount meta is spending on Artificial Intelligence may not translate into higher profits. Lets show you the details. When it comes to how much money meta is making, profits came in at 12 point 4 billion in the first three months of the year. Thats more than double the amount it made this time last year, and better than expected. But heres one of the numbers worrying investors, meta expects its costs to rise to almost 100 billion this year, as it invests heavily in al and virtual reality. Coupled with a forecast that revenues will barely grow in the Current Quarter that sent shares plunging some 13 in after hours trading. Wiping as much as 160 billion off its stock market
wind and solar energy. before we get to those business stories, reminding of our breaking news. a temporary truce between israel and amassing gaza, that s lasted for seven days, has now expired. it ended at seven, local time, five o clock here in london. israel s military says it has resumed combat against i maths in the gaza strip and has accused the palestinian group of violating the terms of the truce and firing towards israeli territory. these are life pictures taken from gaza into southern israel. hamas you can see their plumes into the skyline explosions can be heard. the military also said a rocket was fired towards gaza towards israeli territory around an hour before the truce was scheduled to expire. the israeli military saying hamas had indeed violated the pause inviting. returning to the business news for the day. faster than a porsche, and tougher than bullets that s the boast of tesla boss elon musk about the company s cybertruck. and on thursday he made goo
hello, if you havejustjoined us, you are very welcome. let s crack on with the top business stories. we start in san francisco where, as you have been hearing, president biden has hailed real progress following four hours of talks with china s president xi on the sidelines of the apec summit. they agreed to reopen communications between the military on both sides and work together to stem the flow of the opioid drug fentanyl into the us. but there was no concession from the us on lifting trade sanctions on china including the export ban on advanced computer chips which president xi had complained is harming china. the united states will continue to compete vigorously with the prc, but we ll manage that competition responsibly so it doesn t veer into conflict, or accidental conflict. and where it s possible, where our interests are.coincide, we re going to work together like we did on fentanyl. that s what the world expects of us. the rest of the world expects no
one of the biggest financial frauds in american history that s how a new york prosecutor described the actions of sam bankman fried, the former cryptocurrency boss, who, in the last few hours, has been convicted of defrauding investors. as you ve been hearing, mr bankman fried was arrested a year ago, when his cryptocurrency exchange, ftx, and his investment fund, alameda research, went bankrupt. prosecutors said he had used money stolen from ftx customers to prop up alameda and to fund his lavish lifestyle. after a month long trial, a jury agreed. late on thursday, they found him guilty of all seven counts of fraud and conspiracy. as the bbc s erin delmore explains, the collapse of ftx and the crimes of bankman fried are posing all kinds of uncomfortable questions for the crypto industry. after more than four weeks in court, thenjust four and after more than four weeks in court, then just four and a half hours of deliberations, a jury half hours of deliberations, a jury
live now to professor tim benton, research director, environment and society centre. thank you very much forjoining us today, tim. lots of things of course influence the price we end up paying for ourfood, things like transport, wages and supermarkets. are the increases that we are seeing in the costs of food commodities being passed on to consumers in foal, orare being passed on to consumers in foal, or are they being absorbed, at least in some parts, in the supply chain? to a parts, in the supply chain? trr a certain extent, both. if you think back to our current period of inflation, where we ve had, post ukraine, post pandemic, a global cost of living crisis. sorry, i m getting a lot of feedback, i m getting a lot of feedback, i can t hear myself. thank you. global cost of living crisis, some of that is being driven by environmental effects, some of it being driven by politics, but as climate change increasingly bites, we are going to get a lot more pressure on everyday co